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Saturday, February 21, 2015
ENP STAFF REPORTS
news@eastniagarapost.com


Delphi Automotive has entered into an agreement to sell its wholly-owned thermal business to MAHLE GmbH including the Lockport site — for cash consideration of approximately $727 million, the company has announced.

The transaction is expected to close in the third quarter of 2015, subject to regulatory approvals. Proceeds from the transaction will be used to fund growth initiatives, including acquisitions and share repurchases.

It was not announced how the sale of the Lockport site will affect the approximately 180 employees and 86 contract workers who work at the Upper Mountain Road plant.

“This agreement represents a great outcome for both Delphi and our Thermal division,” said Rodney O’Neal, Delphi’s chief executive officer and president, via a corporate press release. “The transaction positions Delphi with a more focused high-growth product portfolio that addresses the trends of safe, green and connected.  The acquisition of the business by MAHLE, a leading global supplier of thermal systems, ensures continued industry-leading service to our customers and stability for our employees.”

Delphi’s Thermal division had 2014 revenues of $1.6 billion, with approximately 6,700 employees and 13 plants globally. The results of operations of the Thermal division business will be reported as discontinued operations beginning in the first quarter of 2015.

“The acquisition of Delphi’s Thermal division enhances our good position in the thermal market,” said Prof. Heinz K. Junker, MAHLE chairman of the Management Board and chief executive officer. “The transaction extends our production footprint in Europe, North America, and Asia and further strengthens our product range and systems competence—particularly with air conditioning compressors. This step represents the continued strategic progression for MAHLE.”

Added O’Neal: “Under MAHLE ownership, Delphi Thermal will become part of a leading systems supplier in the thermal industry, better positioned to serve customers with a global footprint and industry-leading technology portfolio. The business is a good strategic fit for MAHLE, which will benefit our Thermal customers and our Thermal employees.”

An email to Delphi was not immediately returned.



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